Prince Harry’s Secret Move: Will His US Citizenship Expose Royal Family Finances? 😱👑
A tax expert has issued a warning to the Royal Family regarding Prince Harry's status in the United States, suggesting that his application for US citizenship or a green card could have significant financial implications. Prince Harry moved to the US in 2020 with his wife, Meghan Markle, after stepping down from his role as a senior working royal, but the specifics of his current visa status remain unclear.
Harry could apply for a green card through his marriage to Meghan, which would make him a permanent US resident for tax purposes. This would mean his global income, not just UK earnings, could be taxed in the US. However, this also means he might need to reveal details about the Royal Family's finances to the US government.
According to tax expert Clayton Cartwright, the Royal Family would prefer Harry to stay on a diplomatic visa (A-1), as it benefits both sides. Cartwright explained that an A-1 visa allows Harry to live in the US indefinitely without creating tax residency issues. This visa also keeps sensitive financial information private and avoids the need to disclose details about the Royal Family's assets to US authorities.
If Harry were to get a green card or US citizenship, he would have to disclose his financial interests, including those in family trusts, to the US Internal Revenue Service (IRS). This could potentially expose complex financial arrangements within the Royal Family to US scrutiny. As Cartwright puts it, such a move could be a "tax dagger in the heart" of the Royal Family.
While staying on a diplomatic visa could protect the Royal Family’s financial privacy, there are downsides for Harry. He wouldn’t be able to benefit from certain tax breaks, such as filing jointly with his spouse, which could offer more favorable tax rates. Moreover, if he receives money from his family trust fund on his upcoming birthday, being on a diplomatic visa would mean this money is taxed in the UK, whereas on a green card, it would be taxed as part of his worldwide income in the US.
Immigration experts have suggested that Harry could be on a rare A-1 Head of State visa, given to heads of state and senior royal family members, which allows free entry into the US without working in any capacity. Another possibility is that he could hold an O-1 visa, meant for foreign nationals with extraordinary abilities. However, the exact type of visa Harry holds has not been publicly confirmed.